Is Philadelphia the east coast’s best kept secret for real estate flips? Tomo, a Stamford-based real estate company, analyzed the most successful home flips in Philadelphia, PA. While the home values weren’t multimillion-dollar deals, there was plenty to write home about in terms of value. We explored what makes the city of Brotherly Love a hot spot for real estate values, and how to get the most from your property sale.
Why people flip for Philadelphia
Philadelphia is a distinct, cosmopolitan city. Each neighborhood can feel like a little pocket of its own. Houses are one-of-a-kind as well, with a different look than its neighbors. Making the most of this sense of individuality can make a home feel more attractive. Buyers appreciate classic row houses and townhouses, brick accents, and modern interiors. A successful flip isn’t a budget-buster. It turns a house with good bones into an extremely desirable home or investment property.
Tomo’s top 5 home flips moved fast, and had jaw-dropping increases in valuation. One of these homes flipped in less than four months. Each home more than doubled its value after a complete renovation, with more than $850,000 in combined profit for all five properties.
Here are the listings that made Tomo’s Best Home Flips List.
#5 1731 Harrison St
Every element of this home was fully remodeled, from its new chef’s kitchen to the fresh turf in the backyard. This flip includes a huge finished basement, white shaker cabinets, granite countertops, tile backsplash, pendant lighting, brand new stainless-steel appliances, new plumbing and electric, and more. Sold in 2022 for $70K, this home increased its value by 257 percent, closing at $250,000 only one year later.
#4 2335 N Beechwood St
From its roof to the brand-new water heater in the basement, this home got a total renovation and a lot of love. In less than a year, this property was transformed with luxury details like a rain shower, hallway sensor lighting, quartz countertops and a ceramic tile backsplash, and stainless steel appliances with voice enhancement. This home sold in 2022 for $40K. Its flip increased its sale price by 275 percent, closing at $150K.
#3 1721 Harrison St
A flip doesn’t have to mean starting over. This home retained its classic, historic accents, such as a built-in fireplace, charming pillared porch, and open, bright windows that let in natural light. Updated kitchen appliances, white quartz and paint throughout, and modern touches like a floating sink and marble-tiled bathroom make this home feel fresh. The property sold for $82K in 2022. After a ten-month renovation, it sold at $309K, 277 percent over its original price.
#2 1414 N Allison St
Located in the friendly community of Carroll Park, this row house oozes craftsman charm. The lovely open porch welcomes visitors into a fully modernized living area with ample entertaining space, laminated flooring, marble and quartz tiling, new appliances, and a sunlit backyard. This house sold for $47K and underwent a five-month flip. It sold at 282 percent above its original price, for $179,900.
#1 5116 N 12th St
This gorgeous classic brick home is fully renovated with brand new floors, fresh paint, a finished walk-out basement, new HVAC, and custom European style tile. There are four bedrooms upstairs plus a separate utility room and plenty of space for storage or a sublet. Purchased for $70K, this home added $200K to its price tag during a four-month flip and sold for $270K.
Why list your property in Philadelphia now?
Philadelphia is a growing city, absorbing transplants from both coasts and other parts of Pennsylvania. Rentals and owner-occupied homes are in high demand. Investors are seeking properties in neighborhoods that have been historically overlooked. According to Axios, investors bought 40 percent of homes in North Philadelphia, including parts of West Kensington and Fairhill. Revitalizing and gentrified neighborhoods can expect to see dramatic increases in property values.
Is your property or home in a desirable neighborhood? Wondering if it’s worth the flip? This map of homes for sale in Philadelphia shows average property values in the city’s different zip codes. A four-month flip with good-quality appliances and amenities might put your property into competitive territory and make it extra appealing to families and investors alike.
For more house flipping tips, check out what not to do in Tomo’s House Flipping Flops, or tips in House Flipping 101.
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